HELOC

[Anonymous]

how will applying and getting a HELOC affect my fico? a small one, 10K.

[Lel]

HELOCs with credit limits below about $50,000 will be treated as revolving debt, and will be included in the calculation of utilization.  So if you max out your HELOC, it will be treated as a maxed out credit card in your score.

There will be other effects on your score.  There will be an initial negative impact due to the opening of a new account, but you may see a net long-term increase in score since the HELOC adds diversity to your credit profile.

[geronimo2008]

Both EQ and TU list my HELOC of $50k as a mortgage and that is reflected in the utilization percentages they calculate.  Experian aslways classified it as an installment loan

[Anonymous]

How are HELCs for above $50,000 treated?  I have paid off my mortgage and would like to get a HELC for 70% of the value of my house just in case of an emergency but don't want to bring down my very good FICO score.

[fused]

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@Anonymous wrote:

How are HELCs for above $50,000 treated?  I have paid off my mortgage and would like to get a HELC for 70% of the value of my house just in case of an emergency but don't want to bring down my very good FICO score.

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Its more than likely they will report as an installment account and not a revolving account.